UAE: Veteran industry leaders welcome move to have teenagers run companies
New law will power the economy in the long run, say business heads
The UAE has lowered the age for owning a business from 21 to 18 years. And industry leaders have lauded the landmark move that could boost entrepreneurship.
According to the new Commercial Transactions Law, the legal age to practise business has been reduced from 21 years of age to 18.
“Also, a minor, whether or not subject to conservatorship or guardianship, who reaches 15 years of age, may trade on the terms and conditions issued by the resolution of the Cabinet.”
The decision was announced by Abdullah Al Saleh, Undersecretary of the Ministry of Economy (MoE), during a media briefing recently.
Other key features of the law include “establishing a legal reference for commercial transactions for banking institutions to stimulate investment and give businesses wider scope for growth and competition; offering support to Islamic banking in the country and establishing it as one of the main drivers of growth”.
The ministry noted that the new law marks an “important milestone” in the development of the business environment in the country.
Meanwhile, veterans from different sectors of the industry have lauded the amendments, which will power the economy in the long run.
Bharat Bhatia, chairman and CEO of Conares, the second largest private steel manufacturer in the UAE, noted: “This is a refreshing development, which means fresh blood being infused into the workforce and as entrepreneurs. I believe this will result in positive disruption, making the marketplace more efficient in several ways. In the near future, we will see a lot of successful global teen entrepreneurs,” Bhatia underlined.
Imran Farooq, CEO, Samana Developers, said that the ministry has given teenagers the freedom to explore new horizons.
“Young minds have the sharpest ability to think differently, innovate…